May 22, 2013 | 9:04pm ET

If the Capitals are serious about re-signing center Mike Ribeiro, they're going to have to give him a four- or five-year contract, the Washington Post reports.

Ribeiro, 33, can become an unrestricted free agent July 5, and while he's indicated that he's interested in re-signing with the Caps, his next deal "has to be four or five years."

"If I can stay in the city and retire here, it's more about the kids. I don't want to move them too many times," Ribeiro told the Post. "School -- they're going into high school now, so if I can stay here until they go to college, or stay in the city until they go to college, that's my focus.

"I still believe I can get better. I don't see myself getting worse. It can only get better. I can be out there. I can work out more. There's a lot of room there to improve and that's why I don't think I should have less than four or five years."

Capitals GM George McPhee will have to be very creative with his roster this summer if he intends on signing Ribeiro to a new deal.

As per CapGeek.com, the Capitals have more than $58 million committed to 19 players next season, leaving them with around $6.2 million in free cap space.

The Capitals also need to re-sign restricted free agent defenseman Karl Alzner and center Marcus Johansson, which will likely put them over the $64.3 million salary cap.

McPhee could look to trade some of his players, or buy one or two of them out.

With the exception of the Montreal Canadiens and New York Rangers, who have already used one compliance buyout, each NHL team can use up to two compliance buyouts and not have their salaries count against the salary cap.